Welcome, everyone! Welcome to the 71st episode of the Financial Advisor Success Podcast!
My guest on today’s podcast is Peggy Ruhlin. Peggy is a partner and the CEO of Budros, Ruhlin, and Roe, a wealth management firm in Columbus, Ohio that oversees nearly $2.5 billion of assets under management for nearly 700 affluent clients.
What’s unique about Peggy and her firm, though, is the way that they have focused on systematizing the financial planning recommendations they make within the firm, to ensure that every client in the firm truly receives consistent advice and a consistent planning experience across the firm’s five planning teams.
In this episode, we discuss in depth the firm’s approach to making their financial planning more consistent, including regular “collaborative studies” meetings one Monday a month, peer-to-peer presentations on a quarterly basis to review unique planning cases, a bi-weekly financial planning committee meeting to discuss what the firm’s standard recommendations will be on various planning issues, creating a “Wealth Management Resource” library to catalog them, and appointing a “Chief Planning Officer” to be responsible for it all, just as the firm has a Chief Investment Officer to do the same in standardizing the firm’s investment process!
We also talk about the evolution of how Budros, Ruhlin, and Roe has done business with clients over the past 30 years that Peggy has been there, from starting out as a financial-planning-only firm back in the 1980s (when it was not very common to do so!), the combination of net worth and income fees they used in their early years, why the firm ultimately shifted to add in investment management services and adopt the AUM model, and how they currently offer clients a choice between investment management only for a percentage of assets under management, or a comprehensive wealth management relationship for a percentage of their total net worth under advisement.
And be certain to listen to the end, where Peggy shares her own career path, from starting out as a CPA who decided to earn her CFP marks to make a shift from historically-focused accounting and tax compliance to forward-looking financial planning, why she’s been an active volunteer over the years with organizations from the IAFP to the Foundation for Financial Planning and now the CFP Board’s Board of Directors, and why she says that volunteering in professional organizations in her early years was more instrumental than anything else she did to advance her own career!
So whether you are interested in learning how a Chief Planning Officer can help ensure firm-wide consistency in financial planning, why a firm which set out to be financial planning only added in investment management services as well, or how volunteering in professional organizations can advance your career, I hope you enjoy this episode of the Financial Advisor Success podcast!
source https://www.kitces.com/blog/peggy-ruhlin-budros-roe-podcast-chief-planning-officer-iafp-fpa-cfp-board-volunteer/?utm_source=rss&utm_medium=rss&utm_campaign=peggy-ruhlin-budros-roe-podcast-chief-planning-officer-iafp-fpa-cfp-board-volunteer
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